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Wednesday, August 11, 2010

The Boone County Board did not pass the enabling legislation for such funds until December 2009. Such funds are available to for private firms and government units. The allocation for Boone County is in the process of being returned to the state.

The city is looking to sell $550,000 of the bonds for roadway improvement

Build America Bond program was implemented under the American Recovery and Reinvestment Act of 2009 to provide funding for state and local government public works projects at lower-than-market-rate borrowing costs. The U.S. Department of the Treasury makes a direct payment to the state or local governmental issuer in an amount equal to 35 percent of the required interest payment on the bond

Hampshire is good example of how overextended the housing market was before the crash. Unfortunately this is not the only problem across the Greater Chicago Area.

[Developer]Crown officials have indicated that unless they can get out from under the $4.5 million a year in bond repayment taxes, "They may just walk away and let the bond holders have the property."

So the village board voted last week to make an offer to the bond holders. If they agree, they can sell their bonds back to the village for about 37 percent of what the bonds originally sold for. That money, totaling about $28 million, would come from money left over from the bond sale plus $3.5 million chipped in by Crown. In return, Crown has agreed to pay for the sewer and water systems expansion and road improvements

If all 2,833 of these projects' approved lots eventually do have houses built on them, they will hold twice as many people as now live in all of Hampshire